• Archive for the ‘You Can Quote Me On That’ Category

    SEC’s Final Pay Rules Coming Any Day: Will They Be Enough To Level Playing Field?

    By • Jul 6th, 2014

    Senator Robert Menéndez [D-NJ], author of the Dodd-Frank pay ratio disclosure rule, didn’t take “not yet” for an answer when SEC Chair Mary Jo White testified before the Senate Banking Committee in late July a year ago. Menendez told White: “I’ve been waiting for several years now.” (Me, too!)



    Fannie Mae And Freddie Mac Are Back: More “Adjustments”, More Calls For Reform

    By • May 12th, 2014

    “If accounting errors were felonies in California, Fannie Mae would already be serving life under Three Strikes.” That’s what GoingConcern.com said. See what I told TheStreet.com about Fannie Mae’s latest multi-billion dollar “adjustments”.



    The SEC’s AgFeed Complaint: No Restatement Means No Sarbanes-Oxley Clawback

    By • Mar 23rd, 2014

    The AgFeed case is the mother lode for an SEC that says it’s ready to rack up some accounting fraud enforcement points and, perhaps, pursue a more aggressive enforcement approach to sparsely utilized Sarbanes-Oxley provisions like Section 304, clawbacks.



    Not That Satisfying: SEC Slams KPMG For Independence Violations

    By • Jan 28th, 2014

    It’s been almost three years since I first broke the story of KPMG’s loaned tax staff arrangement with audit client GE. On January 24 the Securities and Exchange Commission (SEC) announced an $8.2 million settlement with KPMG over violations of auditor-independence rules. The wheels of justice turn very slowly. But the GE case was not one of the three cited as the subject of the enforcement action.



    Jamie Dimon (And JP Morgan) Besieged

    By • Aug 20th, 2013

    A blog post at Medium.com last Friday updated everyone with the latest on the JP Morgan “Whale” traders who were indicted last week and assorted other energy trading and mortgage related investigations. But there’s more!



    The Economic Significance of Accounting and the Key Role of Integrity in the Profession

    By • Jul 14th, 2013

    Robert Ricketts, Texas Tech University and Rawls College of Business accounting department chairman, invited me to speak at his school last April. Here’s a link to the presentation, an excerpt and some additional comments on recent news.



    Berkshire Hathaway and Swiss Re: It Wasn’t Really A Win-Win

    By • May 8th, 2013

    Like a lot of things Buffett and Berkshire, there’s more to the Swiss Re dispute resolution story than the snappy repartee tells you.



    How KPMG Explains Scott London To The Accounting Professors

    By • Apr 29th, 2013

    Here’s how KPMG Chairman John Veihmeyer explained Scott London’s inside trading and the firm’s response to accounting professors, an important stop in the audit industry supply chain.



    E&Y, Their Audit Client Wal-Mart, and Value Pricing

    By • Mar 23rd, 2013

    This post about Ernst & Young’s aggressive tax advice to audit client Wal-Mart was originally posted October 29, 2007. It’s worth everyone – I’m talking to you SEC and PCAOB – taking another look at this given Wal-Mart’s new Mexican bribery problems and the SEC investigation of Ernst & Young for tax lobbying to audit clients. (Ernst & Young has been silent and left out of most media discussion about Wal-Mart’s FCPA problems in Mexico and elsewhere.)



    Video Posted: McKenna Speaks At AAA-Accounting Program Leaders Group Annual Meeting

    By • Mar 19th, 2013

    I’m in San Diego at the Accounting Program Leaders Group/Federation of Schools of Accountancy annual seminar. I spoke Sunday on the profession and its professionals.